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After six straight days of gains, Indian equities finally took a breather. The Sensex slipped 344 points, or 0.41%, to close at 84,211, while the Nifty fell 0.37%, settling at 25,795, as investors booked profits near record highs.
The rally had been driven by optimism over easing global trade tensions and hopes of a rebound in corporate earnings. But today’s pause showed traders turning cautious.
On the Sensex, Hindustan Unilever, Ultratech Cement, Kotak Bank, Adani Ports, and Titan led the declines, each dropping between 1.5% and 3%.
Financials weighed heavily, with Nifty Bank down 0.7%, while FMCG stocks slipped after muted quarterly numbers from HUL and Colgate.
Broader markets too saw mild pressure, mid- and small-cap indices were down about 0.2%.
Still, for the week, both benchmarks managed a 0.3% gain, extending a six-session advance that added nearly 3% overall.
Crude impact:
Oil prices steadied Friday after yesterday’s jump, staying on track for a weekly gain as U.S. sanctions on Russia’s top oil producers raised global supply concerns.
Brent crude slipped 0.15% to $65.89/barrel
WTI eased 0.15% to $61.70/barrel
Currency update:
The Indian rupee gave up early gains, closing largely unchanged at ₹87.8450 against the dollar, as optimism over trade talks waned following cautious remarks from an Indian minister. The dollar index rose 0.1% to 99.045.
Market experts say investors turned defensive after crude prices edged higher and the HSBC Composite PMI for October fell to its lowest since May, hinting at slower services growth.
However, manufacturing showed some improvement thanks to easing input costs and recent GST relief measures.
Technically, analysts see support near 25,700 and resistance around 25,850 on the Nifty. The next couple of sessions may stay volatile but a rebound toward 26,000 can’t be ruled out.
This is Neha Vashishth, and you’ve been listening to ET Market Watch. Stay tuned for more market insights and analysis next week.
